Customary Closing Costs can add quite a bit to the intake or outlay of the monies you’ll need to sell or purchase a home. Palm Beach County is one of the few counties in Florida where it is customary for the Seller pay for the Buyer’s title search and title insurance premium. And as such, the title company employed to administer and close the transaction is the seller’s choice. However, should the buyer insist on choosing the title company, then the buyer would be responsible to pay for the title search and title insurance.
If you have engaged an Attorney, he or she will take care of most of these items, but be sure to review each of these items with him/her.
Here is a breakdown of Closing Costs incurred by both Sellers and Buyers in a Residential Sale/Purchase transaction:
- Owner’s Title Search Fee
- Owner’s Title Insurance Premium
- Documentary Stamp Tax affixed to the Warranty Deed ($.70 per $100 of the Sale Price)
- Real Estate Commissions
- Existing Mortgage Payoff (if any)
- Credit/Debit County RE Taxes
- Credit/Debit HOA/COA Fees (if any)
- Repairs (if required/agreed to) pursuant to Inspection Report.
- Mold Remediation — Check with your Homeowner’s Insurance Co. to ascertain if you are covered for mold remediation. If you are selling a Condo, check with your Association to find out if they will cover any part of the repairs, especially with regard to replacing drywall.
- Brokerage Processing Fee
- If you will not be present at the closing, notify your realtor and the title company.
- Inspection Fees
- Condo/HOA Approval Application Fee
- Recording of Warranty Deed and Certificate of Approval
- Lender Fees/Mortgage Closing Costs. If the seller is taking back a Purchase Money Mortgage, the Buyer pays the cost of recording the Mortgage, Documentary Stamps on the Note and Intangible Tax on the Mortgage.
- Mortgage Title Insurance
- Survey of the Property
- Prorated share of Condo/HOA fees
- Credit/Debit for County Real Estate Taxes
- Hazard/Flood Insurance policy
- Equity Membership Fees (if any)
- Transfer fee for the membership (if any)
- Brokerage Processing Fee
This information is provided only as a guideline to assist you. Depending upon the individual situation, there may be additional or fewer fees.
The information contained in this Blog is for general information purposes only. The information is provided by Stacey Halio Realtor® and we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to Stacey Halio Realtor®, or the information, products, services, or related graphics contained on this Blog site for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of property, data or profits arising out of, or in connection with, the use of Stacey Halio Realtor's® Blog.
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